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Why Lucid Stock Got Crushed Today

TheMotleyFool

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Why Lucid Stock Got Crushed Today: https://g.foolcdn.com/editorial/images/734687/lucid-air-sapphire-salt-flats-front-side.jpg

Lucid Group (NASDAQ: LCID) shares plummeted Thursday morning after the company announced plans to raise fresh capital. As of 10:35 a.m. ET, the stock was down 15.4% and approaching its all-time low share price set in January 2023.

Lucid said it expects to raise about $3 billion from a common stock offering and a private placement share sale. The immediate negative reaction from investors likely came because Lucid CFO Sherry House said in the first-quarter earnings release less than one month ago that the company's $4.1 billion in liquidity -- including $3.4 billion in cash, cash equivalents, and long-term investments -- would be sufficient to fund operations "at least into Q2 of 2024."

Source Fool.com

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